“Say nothing” is a mantra that does not work in a corporate situation including:

communicating with the board of directors/audit committee

impact of disclosing board papers/directors minutes to the ATO

communicating with the other parts of the management, internal auditors and external auditors

communicating with external advisers

communicating with the ATO

keeping track of all the communications

requests for a BPR

impact of the promoter penalties

appropriate governance protocols

how do you find out what you don’t know but (based on hindsight) you do need to know?

Author profile:

ChrisMILLETT
Chris began his tax career with the Australian Taxation Office working in a range of areas including assessing, audit and appeals. He
joined the Commonwealth Bank tax team in 1990
with responsibility for Australian banking income tax matters including structured and project finance. He has been Head of Tax for 10 years and is a member of the Australian Bankers Association Taxation Working Group. Chris is a past President of the Corporate Tax Association.Current at 11 September 2006

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